Again, CBN Intervenes In FX Market With $210m

Again, CBN Intervenes In FX Market With $210m

The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange (FX) market. The CBN, in its quest to meet demands in the various segments of the market offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got boosted with the sum of $55 million.

READ:  CBN Recovers N60bn From Banks As Illegal Charges

According to figures made available by the bank, customers requesting FX for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

The CBN had last Thursday intervened to the tune of $210 million to cater for requests in the wholesale segment of the forex market.

READ:  Illegal Deductions: CBN Returns N65bn To Bank Customers

Meanwhile, the naira continued its stability as it exchanged at an average of N360/$1 in the BDC segment of the market yesterday

READ:  CBN, NERDC Set To Commence Financial Education Curriculum In Schools